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In the first quarter of 2008, PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) generated a net loss of EUR -18.1 million. The net loss was negatively impacted by extraordinary one-off effects of EUR 16.4 million.

Revenues in the first quarter of 2008 almost doubled year-on-year, totaling EUR 46.6 million. It must be noted that at EUR -17.1 million, revenues were negatively impacted by the reverse transaction of a sale of 165 residential units already notarized in fiscal year 2006. The individual sale of 144 units during the first three months of 2008 led to purchase price revenues of EUR 21.4 million. The block sale in March 2008 of 85 Asset Repositioning units contributed EUR 14.85 million to revenues. Rental income amounted to EUR 19.1 million. Excluding the impact of the reverse transaction, revenues amounted to EUR 63.7 million.

The reverse transaction also impacted EBIT, which fell 31.3 % year-on-year to EUR 6.8 million. EBT of EUR -18.6 million was also extraordinarily impacted by the fair value adjustments arising from the market valuation of interest rate hedging transactions in the amount of EUR -10.3 million (Q1 2007: EUR 4.2 million). After elimination of all one-time effects, adjusted EBIT amounts to EUR 12.9 million and adjusted EBT amounts to EUR -2.3 million.

In contrast, the resale figures were satisfying: at 229 units, an increase of 169 % was achieved compared with the same period of the previous year (85 units). At the same time, it was confirmed that the adjusted rental income of EUR 18.3 million covers the interest expenses of EUR -17.5 million. The upcoming credit extensions in the first quarter were negotiated early and extended in due time.

Despite the net loss, PATRIZIA is convinced that it will be able to generate its forecast EBT of between EUR 25 million and EUR 30 million in full-year 2008 purely from its operating activities.

The complete interim report for the first quarter of 2008 can be found here.